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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
To promote capital investment in a country, what is essentially required is.
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Basic infrastructure
Bank credit
Law and ordered
Stock broker
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Question # 2
The government constructed a new water reservoir for the purpose of irrigation; this might be taken as
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increase in supply of capital
increase in supply of land
increase in supply of land and supply of capital
none of these
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Question # 3
The law of demand will not be apply in case of
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Inferior goods
Superior goods
Normal goods
Non of them
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Question # 4
MU curve
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rises left to right
is always vertical
falls left to right
is always horizontal
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Question # 5
Extension of supply will take place as a consequence of:
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Change in price
Change in population
Change in technology
Change in money supply
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Question # 6
Which laws are always subjected to certain conditions.
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Social
Political
Moral
Economic
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Question # 7
Economics laws are:
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Statements of tendencies in economic behaviour
Unrealistic to deal with real economic problems.
Absolute and certain like the laws of physical science
Used to forecast the growth rate of an economy.
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Question # 8
In which form the largest percentage of national income is earned
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interest income
proprietor's income
employees' income
rental income
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Question # 9
Change in total cost on the production of one additional unit of output is calculated as .
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Marginal cost
Average cost
Total cost
Marginal product
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Question # 10
One of the following will not be the income of a person.
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Wages
Profit
Sccholarship
Salary
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Question # 11
One or more persons living together and having a common budget is called
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union
organisation
household
house members
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Question # 12
Economic profit is
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part of total cost
total revenue minus total cost
total revenue minus variable cost
total variable cost minus total fixed cost
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Question # 13
A decrease in demand causes the equilibrium price to
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rise
fall
remain constant
indeterminate
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Question # 14
Members of a public limited company in Pakistan are.
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5 to 50
10 to 100
7 to any number
only 5
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Question # 15
A firm decides to shut down production temporarily when
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MC start rising
AC stat rising
price = AC
price falls below AVC
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Question # 16
Scarcity means
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non availability of goods
high price of goods
less supply than demand
high profit of the firms
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Question # 17
Which one is increasing function of price
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demand
utility
supply
consumption
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Question # 18
When a firm using a fixed amount of land and capital takes on more workers, it finds that marginal product(MP) of labour falls but the average product(AP) of labour rises. This can be explained by the factors that
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MP of labour is grater than AP of labour
additional workers are more efficient
MP and AP are equal
AP is maximum
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Question # 19
Three basic economics problems are
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what, how and for whom
why, where and when
what, which and how much
what, which and why
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Question # 20
In economics, one or more persons sharing common consumer budget is called
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social group
consumer union
organisation
household
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Question # 21
Members of business partnership in Pakistan are:
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2 to 20
5 to 20
2 to 25
2 to 3
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